Rosenberg Daily - Dead Cat Bounce

We are seeing the proverbial ‘dead cat bounce’ this morning as (i) global stock markets rally more than 2%, (ii) gold sags more than $30 an ounce, (iii) core government bond yields rise (with the 10-year U.S. Treasury note yield back above 2%), (iv) bonds adopt a better tone in the basket-case Eurozone countries like Italy and Spain, (v) commodities, namely oil and copper, staged a comeback and (vi) the U.S. dollar gives back some of yesterday’s hard-fought gains. Either that, or the world’s problems have been miraculously resolved in the past 12 hours.